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Want to buy a property in 2017? How to make your New Year’s Resolution stick

Want to get out of renting for good? You’re not alone. Buying a home is now on the list of top New Year resolutions for Australians.

The good news is that, while that fitness goal might be a distant dream, buying your first home is a resolution you can stick to. With a little bit of planning and saving, you could be hanging tinsel in your own home next Christmas.

Here’s what you need to do to make it happen:

START SAVING

Now is the time to get your savings goal on track. Start by setting up an online savings account with a regular transfer from your everyday account. Make a list of your outgoings and cut back any unnecessary expenses.

If your loved ones look frazzled running around at the last minute working out what to get you, why not suggest they put some cash in your stocking? And if you’re amongst the 71% of Australians who received unwanted Christmas gifts, don’t pile them in the cupboard – jump onto Gumtree or eBay to make some quick cash.

GET YOUR FINANCING IN PLACE

The property market might slow down over Christmas and New Year, but that doesn’t mean you should. Take the opportunity to get things organised for when it picks up again mid-January.

It’s never too early to talk to your broker or lender about your options:

#1. How much can you afford to borrow?The answer will determine your property search.

#2. Do you have enough cash for a deposit? What will you need to save?

#3. What about a family guarantee? Do your parents have equity in their own home?

#4. Would you consider borrowing the full amount to avoid saving a big deposit?

Whichever path you choose, now is the time to take your next step: get preapproval on your home loan and start looking.

BE READY TO ACT

Found a property you love? Get everything in place so you are ready to act. There are two options:

#1. Private sale: If you’re buying privately, make an offer subject to finance. Once you have formal approval, you can pay your deposit using a deposit bond(more on this below).

#2. Auction: If buying at auction, make sure you’re ready in advance with an auction deposit bond. That way you can bid with confidence.

Getting a deposit bond

Whether you have saved some cash or use a family guarantee, a deposit bond can help you secure your home. A deposit bond is a substitute for the cash deposit required to secure your property.

Generally, a 10% cash deposit is required between signing the contract of sale and settlement of the property. But if you don’t have access to the cash deposit, it’s not game over. You can use a deposit bond as an IOU. This guarantees your commitment to the contact of sale. Then, at settlement, you simply pay the full purchase price including the deposit bond amount.

There are different types of deposit bonds depending on how you are buying your property. For example, if you’re buying at auction, an auction deposit bond can be re-used for multiple auctions until you’re successful.

You’re almost there!

Once you’ve secured the property, all you need to do is pack and prepare for the move. Oh, and don’t forget to notify Santa of your change of address.

If all you want for Christmas is a new home, Deposit Assure can help. And, just like Santa’s elves, we’ll be working right through the holidays!

Want to know more or apply?

Get in touch with our deposit bond concierge team. We will assess your situation and if a deposit bond is what you need, we will go ahead and take care of your application for you. Our concierge officers, will guide you through the entire process, from start to finish.

There are a few differences between auction bonds and deposit bonds that matter. Choose the right one now and you could save time and hassle down the track – not to mention get ahead of the competition.

Got Questions? - Get in touch with us

What our customers are saying about us

"The service and outcome I received from Deposit Assure was over and above what I expected. As an Australian citizen living in London my application was not as straight forward and Deposit Assure took on this complexity where a lot of the other providers in the market would not take this on. Thank you for your help and support in getting my application approved." Ricky M – (homebuyer)

"You guys made it so much easier and less stressful for me to purchase my new property I didn't have to worry about anything" - Andrew Gobbett (Homebuyer)

"I just did our first deposit bond with Deposit Assure and it is so easy it is not funny. Turn around is excellent along with communication." - Annie Papagrigoriou - Jo Attard & Co

"Thank you so much for your fantastic service today, it has been very much appreciated. From my first contact via your website only a few short hours ago you immediately jumped into action, and I never expected to have this wrapped up so quickly. We can go ahead with our exchange tomorrow which is a big relief." – Jennifer & Robert (Homebuyers)

"This is an excellent service, one that I didn't know existed. Truly takes away any stress of finding a Deposit, especially if your settlement dates do not match up. Deposit Assure kept us informed at each step and worked with our Conveyancing Team, everything was done smoothly and well. Thank you for your assistance." William and Judy Wallis (Homebuyers)

"Thank you very much for your services. Fantastic response time and always keeping us up to date on the progress. Thanks again." Elisha Stewart - (homebuyer)

"I can not recommend your service highly enough. The professionalism and efficiency displayed is a credit to your business. I would not hesitate to use your service again or to pass on your details to anyone who required a deposit bond." - Anne and Peter Sorrenson (Homebuyers)

"Just wanted to note that the use of a deposit bond has enabled us to purchase our dream home. We already owned a home but did not have a deposit saved so without being able to access a deposit bond we would not have been able to purchase our new property. The process of applying was very easy and the entire process was very quick. Thank you for your help." - Ebony Omond (Homebuyer)

"We had our approval within days and we were extremely happy with the entire process. I would not hesitate in recommending Deposit Assure to anyone seeking the services they provide." - Wendy and Mark (Homebuyer)

"I did call other companies but did not get the explanation I received from Deposit Assure, therefore it was easy to choose who to go with." - Dan Usher (Homebuyer)